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Court decides to release insolvency administrator Spruds on EUR 0.5 million bail
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    Court decides to release insolvency administrator Spruds on EUR 0.5 million bail

    RIGA, Feb 14 (LETA) – Riga Vidzeme District Court on Wednesday decided to release former insolvency administrator Maris Spruds on a bail of EUR 500,000, giving him a month to secure the bail.

    Commenting on the sum of the bail, Spruds said after the court sitting that he has to try to find it. Spruds’ lawyer said that Spruds’ own assets are listed on his official’s income statement, and most if his assets are arrested, therefore he will have to find assistance from the third persons.

    According to information at the disposal of LETA, so far such a large bail has been set only in the case of Ugis Magonis, former board chairman of Latvijas Dzelzcels railway company.

    Spruds has been in custody since June 2017.

    As reported, recently the prosecutor's office charged Spruds with extortion and money laundering. Spruds' attorney Sandra Sleja told LETA earlier that Spruds continues to plead not guilty.

    The prosecutor's office filed charges against Spruds and five more persons, including financier Jorens Raitums and former insolvency administrator Ilmars Krums. The Latvian public television also reported that the other suspects in the case were businessmen Martins Krums and Guntars Slisans, as well as Timothy Kelley, a citizen of Ireland.

    The State Police said in a statement to the press that two insolvency administrators overseeing liquidation of Trasta Komercbanka in 2016 joined up with another four persons to run an extortion scheme. Earlier this month, Latvian Television reported that Spruds and the other insolvency administrator, Ilmars Krums had threatened to seize Trasta Komercbanka creditors' money.

    LETA also reported that in June 2017 the State Police carried out 16 searches, seizing a number of important documents and arresting several properties, luxury automobiles, and hundreds of thousands of euros in cash.

    Six persons were detained in the case, of which one, Spruds, is still in custody.

    • Published: 14.02.2018 14:24
    • LETA
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